Best bank accounts in Australia
The best bank account will help you manage your everyday spending with low fees and easy access to your money. Check out our Top Picks curated by experts.
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Time for a new bank account? Whether you're looking for a bank account with no account keeping fees, a cashback offer, contactless payment features or the ability to hold multiple currencies, you'll find a bunch of great options here.
Your search for the best bank account starts here
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
There's no single bank account that's best for everyone as all our needs are different - and what's best for you might not be best for someone else.
Bank accounts with added features and perks
Most bank accounts are fairly similar. Here are 5 great bank accounts that offer something a bit different:
- HSBC Everyday Global bank account: Earn 2% cashback on tap&pay purchases
- Suncorp Everyday Options bank account: Link up to 9 mini sub accounts that earn interest
- Citi Global Currency bank account: Hold up to 10 different currencies in the one account
- Great Southern Bank Everyday Edge bank account: Refund international ATM fees and international card transaction fees
How to find the best bank account for you
Consider the following features when researching your options to help you find the best bank account for you.
The account fees
It's ideal to look for a bank account with no monthly account keeping fees. If there are account fees, ask yourself if there are any extra features with the account to justify the fee.
The deposit conditions
If there are monthly deposit conditions to meet, make sure it's an amount that you're comfortable with.
The account access options
If you like to bank in branch, the best bank account for you will likely be one that has branch access as some online banks don't. Or, if you do all your banking on your phone, check that the bank account can be accessed via a good mobile banking app.
Overseas fees and charges
If you like to travel regularly, the best bank account for you could be one that doesn't charge overseas ATM fees and international transaction fees.
The linked savings account
If you're planning to open a linked savings account with the same bank, it's a good idea to look for one with a competitive interest rate.
Make sure the bank account offers the payment options that you want, for example BPAY, Apple Pay, Google Pay, Samsung Pay, PayID, tap and go with Visa payWave or Mastercard PayPass.
If you use cash and cheques, a bank account with a large ATM network and smart ATMs that accept cash and cheques might be best for you.
What does the best bank account offer?
The best bank account will usually have some or all of the following features:
- No account keeping fees, or an option to have the account fees waived
- A range of different payment options available
- Monthly deposit conditions that are easy to meet (or none at all)
- A mobile banking app or Internet banking portal to manage your account 24/7
- A linked savings account with a competitive interest rate
How to choose the best bank account
Ultimately, the right bank account for you will depend on your personal situation and how you plan to use the account. If you need more help deciding on the best bank account for you, consider the following:
- If you travel a lot: Look for a bank account with no international transaction fees or an account that lets your hold multiple different currencies.
- If you often withdraw cash from ATMs: Some bank accounts allow you to access any ATM in Australia for free.
- If you're a small business owner: The best bank account for you could be a dedicated business bank account, with access to online accounting software and tools.
- If you're a student: A student bank account will often waive all account keeping fees while you're studying.
- If you like to pay with your phone: Look for a bank account that offers Apple Pay, Google Pay or Samsung Pay.
- If you want an online bank with a great app: Digital banks offer bank accounts that are managed entirely via a mobile app with great spending features and insights into your money.
- If you want to share the account with another person: The best bank account for couples or friends who both want access to the account is a joint account.
At Finder, we've been comparing bank accounts for more than a decade. Using the product data we've collected, ongoing consumer testing, customer surveys and many (many!) account comparisons, we've assessed accounts based on a few key features that we know you care most about to bring you our picks.
You can see what we've considered when choosing the top pick for each category below.
We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But Finder may receive compensation when you click links on our site. Learn more about how we make money from our partners.
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